Blockchain Capital, a prominent cryptocurrency venture capital firm, is currently raising $700 million for the launch of two new funds, as reported by Bloomberg on Thursday. The firm, headquartered in San Francisco, aims to complete the fundraising for its seventh early-stage fund and second growth fund over the next five to six months, according to a source familiar with the matter. Despite being contacted, the firm declined to comment on the news. Led by co-founders and managing partners Bart Stephens and Brad Stephens, Blockchain Capital has a history of investing in the crypto space, with notable investments in major digital asset companies such as Coinbase, Circle, and Tether, totaling around $1 billion.
The company's most recent significant fundraising effort was in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund. The firm's investor base comprises traditional financial institutions, including university endowments, sovereign wealth funds, and U.S.
pension plans, with Blockchain Capital currently managing $2 billion in fee-bearing assets and a total portfolio valued at over $6 billion, as per Bloomberg.